1792 H10C Judd-7, Pollock-7, R.4. SP67 PCGS. Ex: Starr.
Regardless of grade, the ownership of a 1792 half disme clearly
indicates that the numismatist is a connoisseur of American
coinage. Despite opinions to the contrary, this issue is the first
circulating American coin struck under authority of the Mint Act of
April 1792.

The Orosz-Herkowitz Study

A simple memorandum, in three different versions, provides much of
what we know about the 1792 half dismes, and yet, it has also been
the source of much confusion. The first copy of this memo was
discovered by Edward Haden early in 1943, and was brought to the
attention of the numismatic world a few weeks later. Shortly after
this announcement, Philadelphia numismatist Charles McSorley, Jr.,
incorrectly identified the author as Jonas R. McClintock. A second
and slightly altered copy of the same memo came into the possession
of Walter Breen in the early 1960s, and a third copy was acquired
by Carl Herkowitz in 1995. It was this third copy of the memo, also
slightly revised, that allowed a positive identification of the
author, Mr. John A. McAllister, Jr. The earlier attribution of this
memo to Jonas McClintock has been continually repeated over the
last 60 years, and even today, the misattribution still appears in
print.
Herkowitz and co-author Joel J. Orosz prepared a detailed article
around this document, solved its authorship, and answered questions
about the history of this famous coinage issue. Their article,
"George Washington and America's 'Small Beginning' in Coinage: The
Fabled 1792 Half Dismes," appeared in the 2003 edition of
American Journal of Numismatics, Second Series, published by
the American Numismatic Society in 2004.
The text of the final version of the McAllister memo reads:
"Description of Half Dismes coined in 1792"
"On one side = a Head = 1792 = Lib. Par. of Science and Industry
--
"On the other side = an Eagle Flying = Half Disme = United States
of America --
"In conversation with Mr. Adam Eckfeldt (Apr. 9, 1844) at the Mint,
he informed me that the Half Dismes above described, were struck,
expressly for Gen. Washington, to the extent of One Hundred
Dollars, which sum he deposited in Bullion or Coin, for the
purpose. Mr. E. thinks that Gen. W. distributed them as presents.
Some were sent to Europe, but the greater number, he believes, were
given to friends of Gen. W. in Virginia. No more of them were ever
coined. They were never designed as Currency. The Mint was not, at
the time, fully ready for being put into operation. The Coining
Machinery was in the cellar of Mr. Harper, saw maker, at the corner
of Cherry and 6th Sts, at which place these pieces were
struck."
The study by Orosz and Herkowitz provides an in-depth examination
of this memorandum, and also looks at much of the history of this
issue. In the past, many false and unsubstantiated claims have
appeared in print about this coinage issue. Among such claims is
one that suggests Martha Washington posed as "Miss Liberty" for the
engraver. Another claim that remains unsupported is that the
Washingtons provided their family table service for the coinage.
Both of these claims date back to 1860, when James Ross Snowden
wrote: "The bust of Liberty is popularly supposed to represent the
features of Martha Washington who is said to have sat for the
artist while he was designing it ... This piece is said to have
been struck from the private plate of Washington, which is not
unlikely, considering the great interest which he took in the
operations of the infant mint, visiting it frequently, and
personally superintending many of its affairs." Today, the
numismatic world is indebted to the efforts of Orosz and Herkowitz
for correcting many past claims.

New Information

Unfortunately, these authors allowed a new and unsubstantiated
claim to be introduced. While an entry in Thomas Jefferson's
"household account book" dated July 13, 1792, has been known for
many years, a related entry dated July 11, 1792 was first published
in the Orosz-Herkowitz study. The two entries read:
July 11, 1792: "Delivd. 75 D. at the Mint to be coined."
July 13, 1792: "Recd. From the Mint 1500 half dimes of the new
coinage."
These two statements clearly indicated that the coins were struck
on July 12 or July 13, 1792, probably the latter day. While the
combination of these statements positively identify when the coins
were struck, they also leave us with another question. How was it
possible for the Mint to receive $75 in bullion and provide
finished coins two days later? The authors quoted a comment by Eric
Newman, asking this very question: "it would have been literally
impossible for the new Mint to have received $75 in bullion or coin
on 11 July and melt it, refine it, roll it into strips, wash the
strips, anneal them, punch out the planchets once more, run all of
the planchets through the Castaing machine to reed their edges, and
then strike the coins, all in time to deliver 1,500 half dismes to
Jefferson on 13 July."
The authors spent considerable space to answer this question with
"logical explanations" developed by Newman. While logical
explanations are fine and dandy, they can eventually become
"numismatic facts" for a future generation to resolve. Newman
suggested that the Mint had prepared the silver for striking at an
earlier date, then placed it in the care of Jefferson (who was head
of the Department of State, then in charge of the Mint) until the
presses were ready. Once that took place, Jefferson delivered 1,500
finished planchets to the Mint, ready to be coined. Two days later,
Jefferson took delivery of the new half dismes, and personally
delivered them to Washington, who was then at Mount Vernon. At the
end of their article, Orosz and Herkowitz included Eric Newman's
logical explanation in their conclusions, as if to suggest that
this is now a known fact.

Historical Perspectives

It is generally accepted that the 1792 half dismes were not struck
within the physical confines of the new Mint, but rather, in John
Harper's cellar. While some have more recently translated "cellar"
to "basement," the term cellar could mean any separate structure,
although usually referred to a room or enclosed place under a
building. It is also generally accepted that George Washington did,
in fact, provide the silver for these pieces, as related by Adam
Eckfeldt (although the Moulton research discussed below disputes
this). The mintage is variously estimated at 1,500 to 2,000 coins,
based on documentary evidence left by Thomas Jefferson, who stated
that he received $75 value, or Adam Eckfeldt, who stated that
Washington provided $100 in silver for these coins.
While Adam Eckfeldt claimed that these pieces were never designed
as currency, George Washington suggested otherwise in his November
6, 1792 National address. The President stated: "In execution of
authority given by the legislature, measures have been taken for
engaging some artists from abroad to aid in the establishment of
our Mint. Others have been employed at home. Provisions have been
made for the requisite buildings, and these are now putting into
proper condition for the purposes of the establishment. There has
been a small beginning in the coinage of half dimes, the want of
small coins in circulation calling the first attention to them."
The entirety of this final sentence clearly tells us that these
coins were intended for circulation, especially the second part of
this sentence.

The Moulton Research

Numismatic researcher Karl Moulton takes exception to the currently
recorded history of the 1792 half disme that is based on the
McAllister memo. Moulton considers this memo to be an
unsubstantiated tale that should be completely disregarded. Since
neither Eckfeldt nor McAllister signed the Mint visitor log for the
date recorded in the memo, Moulton believes that neither man was
there, and that the meeting never took place.
Based on original letters and documents in the Library of Congress,
Moulton contends that the silver used for the half dismes was
supplied by the government, and not by Washington or Jefferson. His
version of the history of this issue suggests that David
Rittenhouse made arrangements for the purchase of silver for these
coins. Further, the coins were struck in mid-July from dies
prepared by Jacob Perkins, copied in part from the other 1792 dies
by Robert Birch and Joseph Wright. The die sinker was John Harper,
and the planchet adjuster and coiner was Henry Voigt. According to
Moulton's research, Adam Eckfeldt was not present when these coins
were produced. Currently, Karl Moulton is preparing a history of
the first Mint, to be published under the title Henry Voigt and
Others Involved with America's Early Coinage.

The Starr Specimen

This is probably the finest known example, and it is certified by
PCGS as a Specimen strike, the only such piece to receive this
designation. A roster of more than two dozen high quality pieces,
below, shows the position of the Starr coin as the only Specimen
strike, and the probable finest known. It is a spectacular, fully
struck coin. All of Liberty's hair details are fully defined, and
the eagle's plumage is equally well brought up. From the details on
this piece, it is obvious that special care was taken to strike
this coin at least twice. The design features on both sides are
nicely centered with full obverse and reverse border details. Care
was also taken to polish the surfaces as each side displays light
die striations in the fields and across the central device on the
obverse. Both obverse and reverse display a multitude of speckled
colors with bright reflectivity around the peripheral lettering on
the obverse. The toning has been variously described as
orange-crimson and lilac, and as blue, gray, and light gold. There
is only one surface flaw that we see: a shallow, vertical scratch
in the left obverse field. The reverse has two faint vertical die
cracks, approximately parallel, through the right field. One
extends from the right base of A(M) to the eagle's wing and F in
HALF. The other begins at the left base of the adjacent M, also
through the eagle's wing, and on to the right side of E in
DISME.
Additional material from our consignor discusses the stature of
this coin: "This specimen striking of the 1792 silver half disme is
truly a coin that transcends numismatics. It occupies a place in
our Nation's history unequaled by any other coin. For centuries,
the coinage of silver was a royal prerogative. For a young nation,
the coining of these half dismes was of enormous political
significance and an expression of national sovereignty understood
around the world. Numismatic scholar Walter Breen wrote, 'Their
historic context has for over 120 years made these half dismes
among the most prized American silver coins.' Today, as a unique
specimen striking, this coin must be considered America's most
important numismatic coin and a priceless historical treasure."

An accompanying letter from David Hall, president and founder of
PCGS, seems to affirm this statement from our consignor. Hall
briefly reviews the history of the 1792 half disme, then discusses
this specific coin:

"Today approximately 250 to 400 1792 half dismes survive, most of
them in well worn condition. Miraculously, there are a handful of
Mint State examples known. The finest of these is the coin from the
Floyd Starr collection.
"When the Starr collection was auctioned in October of 1992, his
1792 half disme was described thusly, 'Choice Uncirculated,
semi-prooflike ... Both sides, brightly reflective, especially
around the letters. Possible Specimen: exceptional sharpness of
strike seen on no other specimen, save this one.'
"Earlier, the pioneering and extremely influential coin dealer,
Wayte Raymond, had described the Starr 1792 half disme as, 'Perfect
Mint State with brilliant proof surface. Probably the finest
specimen known.'
"The Starr 1792 half disme is so extraordinary in the sharpness of
its strike and the reflectiveness of its surface that PCGS has
designated the coin as a Specimen striking. It is the only 1792
half disme to receive this designation from PCGS. The coin is so
exceptional that I believe it could very well be the first 1792
half disme struck, and thereby the first U.S. coin ever struck. It
is certainly one of the most important coins PCGS has ever
handled."

The cataloger for the Starr Collection noted that this was an early
strike: "Some reverse letters soft, particularly A and M in HALF
DISME and M in AMERICA, as seen on most specimens from the earliest
run struck with medal turn reverse orientation."
It is this cataloger's (Mark Borckardt) opinion that the coin,
while certainly very special and deserving of a Specimen
designation, is not, nor could it be, the first 1792 half disme
struck. The reverse has faint but clearly visible die cracks.
Earlier die state examples are known without the die cracks,
proving that this example is a later die state and was among the
final examples produced in July 1792. However, given its obvious
specimen status, it might well have been the very first United
States coin actually released by the State Department, perhaps a
special gift to a friend of the U.S. or even to George Washington
himself.

We believe the following roster represents distinct individual
specimens, although it is possible that some duplication may exist.
This roster is based primarily on a comparison of plates in the
various catalogs. Plate matching of older, poor quality photographs
can be quite difficult.